Investment firm Azoria postpones Tesla ETF after Musk announces political party
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The news: Investment firm Azoria said that it will postpone the listing of its Azoria Tesla Convexity exchange traded fund (ETF) after Tesla’s founder and CEO Elon Musk announced his plans to launch a new political country in the US.
The context: One day after polling his followers on X whether he should form a new political party, Musk announced via the social media platform: “Today, the America Party is formed to give you back your freedom.”
“By a factor of 2 to 1, you want a new political party and you shall have it! When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Musk announced.
Azoria had planned to launch the ETF this week, but the firm’s CEO took to X to state that he was unhappy with Musk’s decision and that he would continue to support US President Donald Trump.
Azoria chief James Fishback said: "I encourage the Board to meet immediately and ask Elon to clarify his political ambitions and evaluate whether they are compatible with his full-time obligations to Tesla as CEO.”
Fishback said that the move “creates a conflict with his full-time responsibilities as CEO of Tesla,” as it diverts his focus and energy away from Tesla’s employees and shareholders.
He added that Azoria was pleased with Musk’s decision in May to step back from his work at the Department of Government Efficiency to focus his attention on Tesla, but that the move to form a new political party undermines the firm’s confidence in Tesla’s future. He said that Azoria has notified Robyn Denholm, chair of Tesla's Board of Directors.
“I encourage the Board to meet immediately and ask Elon to clarify his political ambitions and evaluate whether they are compatible with his full-time obligations to Tesla as CEO.”
The news comes after Trump signed his ‘big, beautiful’ megabill into law on Friday, which had been strongly opposed by Musk. The former allies have been engaged in an extended dispute over social media, with Trump threatening to cut off billions of dollars in subsidies to Musk’s companies.
The sources: Azoria announcement, Musk X, Reuters, FT
